BNP Paribas Arbitrage SA lessened its stake in Sonic Drive-In (NASDAQ:SONC) by 19.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,696 shares of the restaurant operator’s stock after selling 4,405 shares during the period. BNP Paribas Arbitrage SA’s holdings in Sonic Drive-In were worth $472,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of SONC. Schwab Charles Investment Management Inc. increased its stake in Sonic Drive-In by 11.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 239,593 shares of the restaurant operator’s stock worth $6,585,000 after buying an additional 24,480 shares during the period. Victory Capital Management Inc. increased its stake in Sonic Drive-In by 6.5% in the 4th quarter. Victory Capital Management Inc. now owns 34,135 shares of the restaurant operator’s stock worth $938,000 after buying an additional 2,072 shares during the period. Aperio Group LLC purchased a new position in Sonic Drive-In in the 4th quarter worth about $203,000. American Century Companies Inc. purchased a new position in Sonic Drive-In in the 4th quarter worth about $772,000. Finally, Teacher Retirement System of Texas purchased a new position in Sonic Drive-In in the 4th quarter worth about $397,000.
Shares of Sonic Drive-In stock opened at $35.01 on Tuesday. The company has a current ratio of 2.51, a quick ratio of 2.51 and a debt-to-equity ratio of -2.85. Sonic Drive-In has a 52-week low of $22.11 and a 52-week high of $36.15. The company has a market capitalization of $1.32 billion, a PE ratio of 28.01, a PEG ratio of 1.65 and a beta of 1.45.
Sonic Drive-In (NASDAQ:SONC) last issued its quarterly earnings data on Tuesday, March 27th. The restaurant operator reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. Sonic Drive-In had a net margin of 16.01% and a negative return on equity of 25.75%. The firm had revenue of $88.10 million for the quarter, compared to the consensus estimate of $94.34 million. During the same quarter in the previous year, the firm earned $0.15 EPS. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. equities research analysts expect that Sonic Drive-In will post 1.47 earnings per share for the current fiscal year.
Sonic Drive-In declared that its Board of Directors has initiated a share repurchase program on Thursday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to reacquire up to 42.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of Sonic Drive-In from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Tuesday, June 19th. BidaskClub raised shares of Sonic Drive-In from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Canaccord Genuity reissued a “hold” rating and set a $27.00 target price on shares of Sonic Drive-In in a research report on Thursday, June 7th. ValuEngine raised shares of Sonic Drive-In from a “sell” rating to a “hold” rating in a research report on Thursday, June 7th. Finally, Wells Fargo & Co cut their target price on shares of Sonic Drive-In from $30.00 to $27.00 and set a “market perform” rating on the stock in a research report on Monday, March 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $29.13.
About Sonic Drive-In
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.
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